[commdev-l] Newly Remodeled Home for Sale

[Community Development]

The City of Columbia receives Neighborhood Stabilization Program (NSP) funds, provided by HUD to the State of Missouri Department of Economic Development; which in turn has an agreement with the City to expend NSP funds.  The purpose of the program is to purchase properties that have been abandoned and foreclosed upon and then to redevelop these properties by rehabilitating homes or constructing new homes for owner occupancy.  All homes that are rehabilitated undergo substantially (gut) rehabilitation, replacing all home systems with the exception of one or two systems.  The program also addresses the energy efficiency of homes and includes a Home Energy Rating at the completion of each project.  
 
Homes are sold to lower and middle income households that agree to maintain these homes as owner occupied housing for ten to fifteen years, or if sold, to sell the housing to other households agreeing to maintain homes as owner occupied housing.  The primary goal of the program is to stabilize the decline of neighborhoods and property values in those neighborhoods.     
 
The initial round of funding will result in the sale of three homes that were acquired and rehabilitated with City NSP funds.  Additionally, four lots were land banked and may be redeveloped at some point in the future, using NSP and other sources of funds.  Funds retained by the City from the sale of homes are reused for newer projects.  
 
711 Mikel is the first NSP home to be remodeled, and it is now for sale.  For more information, please visit our website at http://www.gocolumbiamo.com/CMS/announcements/announcement.php?id=90



 
 
Kathy Sides
ASA II
City of Columbia
Planning & Community Development
Phone: 573-874-7244
Fax:  573-874-7546
e-mail: KESIDES at gocolumbiamo.com 



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